RSS

New CEO, chairman for Securstore

Article Date:  May 14 2008 Nick Britton

An online back-up and recovery business with data centres in the UK and Iceland has gained a new CEO and non-executive chairman. Securstore has appointed Orn Gunnarsson and Bjarni Armannson respectively to the roles, each of whom will take a stake of 25 per cent in the business.

Financial details of the transaction were not disclosed.

Gunnarsson has recently stepped down as managing director at Saga Capital Investment Bank, while Armannson is a director of US private equity firm Paine & Partners and has been CEO of a number of companies including Kaupthing Bank.

The pair worked together at Icelandic financial group Glitnir, where Gunnarsson was head of corporate finance and Armannson CEO.

The present CEO of Securstore, Alexander Eiriksson, will become the company’s chief operating officer. He and his brother, CFO Eirikur Thor Eiriksson, have led the company since 2004.

Alexander Eiriksson says: ‘The company has reached a stepping stone in profitable growth and the UK has massive expansion opportunities which demand a clear focus. [Gunnarsson] and [Armannson] both bring a wealth of experience to the company.’

Armannson calls Securstore ‘an exciting investment’ with potential for ‘considerable growth in the near future’.

Comments 

There are currently no comments on this article

Sign up and get...

  • Regular GrowthBusiness newsletters
  • Post comments on articles
Sign up

Selecting the right IT strategy in 2010

Owner managers and CEOs of fast-growing companies want IT-applications that accelerate competitive advantage and improve operational efficiency. This free whitepaper helps you plan and choose the right IT strategy for your business in 2010. Download ‘Selecting The Right Software Vendor’.

Get started with Barclays Business Banking

Choose from 3 great Start-up packages offering a range of business and banking solutions, from cashflow management software (QuickBooks or Sage) to VAT management solution. Plus, up to 2 years FREE banking (conditions apply). Apply online.

Secure early payment for your unpaid invoices with Simply Business

Simply Business works with a carefully selected panel of the UK's leading factoring and invoice discounting providers. Find out your cash flow options in minutes, you could have 90% of your invoices paid in 24 hours. To find out more click here

Research

  • Directors' Pay AIM 2009

    What should an AIM company pay its CEO or FD?
    What should a non-executive director or chairman expect to be paid?
    What benchmarks should AIM remuneration committee members be using when
    setting pay?

VCT Special Report 2009

This reports principle aim is to provide business owners seeking funding with information about the amount of funds that VCTs have to invest.

Cash Shells Special Report 2009

A comprehensive overview of cash shells on AIM and PLUS, companies that have become a significant feature on the market landscape.

More

Events Calendar

The Media Magnate Awards 2009

26th March, Vinopolis, London

More

More News: IPO & City News

Rory Stirling, MMC Ventures

Under-35s get their own VC fund

The first venture capital (VC) fund open exclusively to investors aged between 18 to 35 was launched today.

Jeyes in £20 million refinancing

Hygiene product company Jeyes, which is part-owned by private equity firm LGV Capital, has secured an asset-based lending facility worth £20 million.

Growth companies to benefit from fundraising bonanza

As much as £300 million is expected to be raised this tax year for investment in growing businesses, according to fund managers.

Advertisement

Related articles

MBO for Welsh metals company

Non-ferrous metals supplier CG Rees has been bought out by new MD Jan Frayne, who has worked at the company for 17 years.

European VC talent recognised

Excellence in the venture capital (VC) world was rewarded last night at the Investor AllStars awards.

Quotient Bioscience nets £35 million

A provider of analytical services for bioscience and sport has secured an investment of £35 million from private equity firm TA Associates, which takes a minority stake in the company. UK-based Quotient Bioscience, which has acquired four businesses since it was founded last year, will use the funding to fuel further acquisitive and organic growth in Europe and North America.

US and UK top financial index

The US and the UK have the best financial systems in the world, according to an index launched by the World Economic Forum (WEF). Defying the credit crisis, slowing growth and recent high-profile institutional collapses, the US takes first place with the UK a close second, both countries outstripping the rest of the top ten by a significant margin. 

Poll

What should Alistair Darling deliver in the Budget?




Have your vote on current issues

People who read this also read

  • Penta and Investec back GRS buy-out

    Private equity company Penta Capital and private bank Investec have backed the management buy-out of GRS, a headhunting firm serving the financial and legal sectors. The deal is worth £18 million, of which Investec’s growth and acquisition finance division provided £5.25 million through a combination of invoice and acquisition finance.

  • Record first quarter for buy-outs

    Some £7.2 billion changed hands in the UK buy-out market between January and March, the highest total for a first quarter ever recorded. However, deal volume was slightly lower, with 158 buy-outs compared to 164 in the same period of last year, according to the Centre for Management Buy-out Research (CMBOR).

  • European VCs faring better than US

    Disclosed venture capital (VC) investment in European companies totalled €1.4 billion (£1.1 billion) in the first quarter of 2008, rebounding from a weak fourth quarter. The data suggests that European VC investment is holding up better than in the US

  • T123 in debt-funded buy-out

    A Lancashire-based supplier of ground support equipment to airports has completed a management buy-out (MBO). The business, previously called Multipart Fleetserve, has been renamed T123 following its buy-out from the Multipart Group, a subsidiary of Imperial Holdings.

  • Chinese VC in London float

    A company formed to invest in growth businesses operating in China has raised US$25.38 million (£13.1 million) on AIM. Yangtze China Investment will invest in unlisted companies that it expects to benefit from rising spending by the expanding Chinese middle class.

White Papers

Better Roads

Serves the information needs of governments and construction contractors involved in Federal, State, County, City and Township highway, road and bridge construction, winter maintenance, roadside and vegetation management and other highway-related projects.

Defense Technology International

Is the one publication focusing on the critical role of defense technologies in programs, policies, programs and funding, providing readers with integrated intelligence and global perspective in Land, Sea, and Air.

FierceGovernmentIT

Is a free, three times a week email briefing for government employees and contractors on the latest government technology news.

More